MARKET VERSUS RESIDENCE PRINCIPLE: EXPERIMENTAL EVIDENCE ON THE EFFECTS OF A FINANCIAL TRANSACTION TAX

• 成果类型: Article
• 署名作者: Huber, Juergen; Kirchler, Michael; Kleinlercher, Daniel; Sutter, Matthias
• 署名单位: University of Innsbruck; University of Gothenburg; University of Cologne
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/ecoj.12339
• 发表日期: 2017
• 页码: F610-F631
• 关键词: Tobin tax; volatility; COSTS; fluctuations; BEHAVIOR; agents

摘要

The effects of a financial transaction tax (FTT) are scientifically disputed, as seemingly small details of its implementation may matter a lot. In this article, we provide experimental evidence on the different effects of an FTT, depending on whether it is implemented as a tax on markets, on residents, or a combination of both. We find that a tax on markets has negative effects on volatility and trading volume, whereas a tax on residents shows none of these undesired effects. Additionally, we observe that individual risk attitude is not related to traders' reaction to the different forms of an FTT.